The Personal Journal of POTUS

March 19, 2009

AIG

Filed under: Domestic Policy,Economy — fakepotus @ 2:47 pm

As I sit here preparing to dazzle the audience on the Tonight Show, I am reminded of the pain that the citizens of Americans are multitudes.  When companies like AIG excessively rewards failure at the expense of the tax payers, I am hurt.

Now, I am thankful that others have recognized their roles in giving companies like AIG such giant loop holes. But as I said, my administration take full responsibility for what happened, yes, we had a lot to do, but that’s no excuse.  We will fix this.  My good friend Charlie Rangel are doing the right thing by pushing to tax these excesses.   These people should not be reaping the rewards of their failure.

Having said this, as a nation, we truly need to carefully look at how people are compensated.  Consider for example the scientists who discover drugs, do they deserve their excess profits, let’s look at a place like Genentech for example, their recent takeover by Roche has made a lot of their key scientists rich.  Given their exploitation of the riches provided by nature, does it make sense for them to continue to pile up more money in the name of developing more expensive drugs?  In this case I would say these scientists who have become rich should for the social good to develop more drugs but without compensation more than your typical… say, social worker.  Or perhaps, we should consider taxing these same scientists at the 90% level that we will be going after the AIG crew with, after all, how are they any different than those greedy traders other than the fact that they’re successful, and let’s not forget, they’re only successful part of the time, they fail at developing compounds far more often than they succeed.

Now, I’ve digressed on the drug issue as an example.  But we need to have regulatory changes that aims to curb the excess on Wall Street so far, but in the long run, we need to push fairness across the board, not just the financial sectors.  Think about it, why does any CEO (like those on the big three) deserve any compensation at all when they fail their companies so miserably.

But fear not, this crisis has given us the opportunity to make the changes we need, and we will level the playing field for everyone involved.

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